Cost-effective wind and hydro from Atlantic Canada, at a fixed
price for 20 years

July 27, 2017 02:59 PM Eastern Daylight Time

BOSTON--(BUSINESS WIRE)--Emera Inc. has formally proposed construction of the Atlantic Link
project, a new 1,000 megawatt (MW) subsea transmission line directly
connecting Atlantic Canada to the Boston load center. The Atlantic Link
will deliver reliable and cost-effective, clean energy to Massachusetts
from seven proposed wind farms and two hydro suppliers in Atlantic
Canada.

The Atlantic
Link is an approximately 375-mile high-voltage direct current (HVDC)
interconnection between Coleson Cove, New Brunswick and Plymouth,
Massachusetts near the retiring Pilgrim nuclear station. The proposal
for Atlantic Link, including the clean energy to be delivered on the
transmission line, is in response to the Massachusetts Clean Energy RFP.

The proposal is being made as Emera completes construction this year of
a 500 MW subsea cable between Nova Scotia and Newfoundland and Labrador.

With Atlantic Link, Emera is offering to deliver 5.69 terawatt hours
(TWh) of clean energy annually, directly to Massachusetts, for a
delivered price that remains fixed for 20 years.

“The fixed pricing for the supply of long term clean energy represents
compelling value for Massachusetts electricity customers,” said Chris
Huskilson, President and CEO of Emera Inc. “We are pleased to bring this
opportunity forward to help Massachusetts meet its energy diversity and
greenhouse gas emissions reduction objectives. This project also
benefits Massachusetts and Atlantic Canada in terms of construction
related jobs and increased economic activity.”

Under this proposal Atlantic Link is 65-per-cent utilized, allowing
Massachusetts to increase clean energy purchases from the broader region
over time. Atlantic Link will allow Massachusetts to optimize power
flows between South East Massachusetts (SEMA) and Atlantic Canada,
providing reliability and economic advantages.

In addition to the subsea cable, new HVDC converter facilities and
substations will be constructed in Plymouth and at Coleson Cove. The
project has initiated necessary permit approval processes in the United
States and Canada, and is proposed to be in-service by December 2022.

Energy supply for Atlantic Link resulted from a competitive Open
Solicitation process initiated by Emera in January 2017. That process
was overseen by an independent administrator, Power Advisory LLC. Formal
commercial arrangements are now in place between Emera and the selected
wind and hydro suppliers. The project’s supply mix is over 70% wind
energy from yet to be constructed wind farms in New Brunswick and Nova
Scotia; with the balance being hydro, which is being provided by Nalcor
Energy and NB Power.

Under the Massachusetts Clean Energy RFP, the state’s electric utilities
have called for approximately 9.45 terawatt hours of wind and/or hydro
energy. Review of proposals submitted to the Massachusetts electric
utilities will occur over the coming months, with a decision expected by
January 2018. More information is posted at the RFP
Web site.

Atlantic Link is 100% owned by Emera subsidiary Clean Power Northeast
Development. NB Power holds an option to participate in the Atlantic
Link project as a minority investor.

About Atlantic LinkAtlantic
Link is a 1,000-megawatt (MW) high-voltage direct current (HVDC)
subsea transmission line to deliver clean energy from Atlantic Canada to
Massachusetts. The project includes a new converter station and
substation to be constructed at the landing site in Plymouth,
Massachusetts as well as similar facilities at the cable’s origination
point at Coleson Cove, New Brunswick. Virtually the entire length of the
new 375-mile transmission interconnection will be installed underwater.
Atlantic Link is being developed by Emera Inc. subsidiary Clean Power
Northeast Development.The project web site is www.atlanticlink.com.

Forward Looking InformationThis news release contains
forward-looking information within the meaning of applicable securities
laws. By its nature, forward-looking information requires Emera to make
assumptions and is subject to inherent risks and uncertainties. These
statements reflect Emera management’s current beliefs and are based on
information currently available to Emera management. There is a risk
that predictions, forecasts, conclusions and projections that constitute
forward-looking information will not prove to be accurate, that Emera’s
assumptions may not be correct and that actual results may differ
materially from such forward-looking information. Additional detailed
information about these assumptions, risks and uncertainties is included
in Emera’s securities regulatory filings, including under the heading
“Business Risks and Risk Management” in Emera’s annual Management’s
Discussion and Analysis, and under the heading “Principal Risks and
Uncertainties” in the notes to Emera’s annual and interim financial
statements, which can be found on SEDAR at www.sedar.com.

About Emera Inc.Emera Inc. is a geographically diverse
energy and services company headquartered in Halifax, Nova Scotia with
approximately CDN $29 billion in assets and 2016 revenues of more than
CDN $4 billion. The company invests in electricity generation,
transmission and distribution, gas transmission and distribution, and
utility energy services with a strategic focus on transformation from
high carbon to low carbon energy sources. Emera has investments
throughout North America, and in four Caribbean countries. Emera
continues to target having 75-85% of its adjusted earnings come from
rate-regulated businesses. Emera’s common and preferred shares are
listed on the Toronto Stock Exchange and trade respectively under the
symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F.
Depositary receipts representing common shares of Emera are listed on
the Barbados Stock Exchange under the symbol EMABDR. Additional
Information can be accessed at www.emera.com
or at www.sedar.com.